Simply because there are usually more three-bedroom homes for sale at any given time in any given market when compared to larger sized homes, it’s important to look more closely at these statistics when assessing the overall real estate sales activity.
With this in mind, North Riverside saw a strength in its real estate sales it hasn’t witnessed in a long time. When comparing the statistics from year-to-year, they show a 7% increase in the sale of three-bedroom homes in the median sales price, $195,250 versus $182,000. A total of 32 homes were sold in 2014 while 49 were sold in 2013; not as many homes for more dollars.
As to the distressed properties, foreclosures and short sales, in 2014 they accounted for 28% of this size home sold compared to 27% in the prior year, basically the same. Therefore, the 7% increase does indicate growth in this real estate market.
Conversely, the larger sized homes, those with four or more bedrooms, saw a whopping 16% decrease in the median sales price, $184,000 in 2014 but $220,000 in 2013. Again, the number of homes sold also went down, 8 versus 11. In this category, distressed homes accounted for 38% of the total number of four – four+ bedroom homes which closed in 2014, and, it appears, contributed to the -16% decrease noted above.
Going forward into the real estate “spring market”, it seems that North Riverside may be poised to see increased listing prices because of the median sales price increase of three-bedroom homes and of the foreclosures and short sales moving off of the market. This will mean more dollars for sellers but not as many “deals” for buyers.
|
32 three-bedroom, single family homes Sold in 2014 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$374,900 |
$95,000 |
$210,556 |
$214,450 |
|
Sold Price |
$355,000 |
$92,000 |
$202,544 |
$195,250 |
Foreclosures, 8 homes ranging in Sold price from $ 92,000 – $190,000
Short Sales, 1 home which Sold for $225,000
|
49 three-bedroom, single family homes Sold in 2013 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$398,000 |
$85,000 |
$193,344 |
$197,000 |
|
Sold Price |
$377,000 |
$80,000 |
$184,116 |
$182,000 |
Foreclosures, 7 homes ranging in Sold price from $102,999 – $377,000
Short Sales, 6 homes ranging in Sold price from $116,000 – $188,000
|
8 four – four bedroom, single family homes Sold in 2014 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$419,000 |
$137,000 |
$220,225 |
$189,000 |
|
Sold Price |
$435,000 |
$149,000 |
$216,625 |
$184,000 |
Foreclosures, 3 homes ranging in Sold price from $149,000 – $196,000
Short Sales, none
|
11 four – four bedroom, single family homes Sold in 2013 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$269,900 |
$75,500 |
$213,309 |
$239,900 |
|
Sold Price |
$260,000 |
$95,000 |
$203,182 |
$220,000 |
Foreclosures, 2 homes which Sold for $ 95,000 & $155,500
Short Sales, 1 home which Sold for $190,000
Note: “Median Sales Price” is the midpoint between the High price and the Low price and is not the same as the “Average Sales Price”. Since a few high prices or low prices can skew the “Average Price”, the real estate industry places more credibility on the “Median Price” to indicate a specific area’s home values within a specified timeframe.
All data is taken from MRED, Midwest Real Estate Data and was formerly known as the MLS, Multiple Listing Service. It is the source of all real estate activity in our area.
Maria Murzyn is an employee of Wednesday Journal Publications and a Realtor at Gloor Realty Co. in Oak Park.
